"The time to buy stocks trading below net cash value is in market downturns when pessimism surrounding the whole market creates high selling pressure and pulls all stock prices down. **A combination of 1) sound fundamentals, 2) a business that operates profitably, 3) low debt, and 4) more cash than the market capitalization is the ultimate margin of safety investment.**" ([Location 2996](https://readwise.io/to_kindle?action=open&asin=B07CNFFJ9J&location=2996)) --- **Tags** -- [[quotes]], [[value-investing]], [[margin-of-safety]], [[valuations]], **Source** -- [[202506221723 - LN - Modern Value Investing]]